Senior Care Facility Trends Impacting the Industry
Covid-19 changed the way every industry works, but probably none more than Senior Care Facilities. The virus hit this community the hardest forcing the industry to find a new way of doing things. The industry will always have the number one priority of keeping its residents safe and healthy. In order to meet its goal, the industry needs to examine their daily operations, staffing needs, how to stay in business and many other external factors affecting the industry. Here are just a few of the biggest trends to keep an eye on going forward.
According to Senior Housing News, 81% of Senior Care Facilities are now facing shortages of Assisted Living Providers. This is causing the industry to find even more ways to be flexible in troubling times. Telehealth has been a huge topic of discussion when figuring out the most effective way to provide for their patients. As many Senior Care Facilities continue to work on remote technology options, there will be a continued learning curve as the industry enters an ever-increasing digital age.
The Baby Boom Retirement is Here
Even with the average age of living rising, the retirement rate has increased over the last year. Largely because of the health risks and stress that came along with the pandemic. While this trend could normalize with vaccinations, it’s important to remember Baby Boomers are starting to retire. Baby Boomers average age is approximately 66. This is the expected age of retirement for the generation. As a result, Senior Care Facilities are going to increase in demand.
New Healthcare Regulations
The political landscape is always changing, but many believe the Medicare Advantage Plan is here to stay because of its success as of late. In short, the Medicare Advantage Plan allows individuals to remain under Medicare coverage, while expanding their coverage options and possibly saving money in the process. Many Senior Care Facilities believe it’s a great option for their residents and would like to become a provider for the program.
While the demand for Senior Care Facilities is going up, the expenses and staffing costs are also going up. This means keeping the lights on is still going to be an ongoing process. During the pandemic, the Senior Care industry has continued to lean on Digital Marketing efforts like many other industries. With more demand, come more competitors and making sure your facility is appropriately represented on the internet is important. This is an entirely new sales experience and similar to telehealth, will be a huge learning curve. Many owners and/or operators have never dabbled in digital marketing and it can be a fiercely competitive space. Ensuring there is someone at a Senior Care Facility is actively engaged in their marketing efforts could be vital not only for the business, but for the residents who live there.
If you liked this article, check out our Outsourced Accounting For Senior Care Facilities Guide.